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Our Condition Reports are used as a tool to eliminate the risk of a future dispute relating to the agreed condition, or the ownership of personal property and can be used to define:
Condition Reports are prepared as a document of fact or proof, agreed by all parties and are often relied on for mediation or court proceedings.
The Royal Institution of Chartered Surveyors (RICS) prepares Guidance Notes for the preparation of Condition Reports and recommends the following should be contained within the document:
Having a Condition Report prepared at Lease Commencement will allow:
When leasing a commercial property which also includes personal property such as machinery, equipment, furniture, or fittings ( i.e. non real property) , they can now be registered so that this personal property owned by the landlord cannot be lost to higher registered claims from a person in possession, (a tenant) to a third party ( a financier or administrator).
KPMG SGA can help with a Condition Report at lease commencement, or other times, which not only defines the items, the condition, but the ownership, to support registering of the interest on the Personal Property Securities Register.
Real property is registered by land title, or lease registration, but personal property ownership has not been registrable until now with the Personal Property Securities Register, which has been created by the Personal Property Security Act 2009, (PPSA).
The PPSA recognises a Personal Property Securities lease or bailment which is for a period greater than 90 days or a substantial period. Leases commenced after January 30, 2012 can be registered immediately, leases commenced before have a registration transition period up to January 30, 2014.
KPMG SGA is a leading independent Chartered Building Surveying Consultancy providing integrated and quality services to our clients across Australia, New Zealand and Asia.
We provide deep experience, skills, capacity across a range of core property services to deliver successful outcomes for clients.
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